Chicago, Feb. 28, 2022 (GLOBE NEWSWIRE) -- According to latest market research report on Thailand tractors market, government strategies towards the welfare of farmers by converting agriculture into a viable activity are paving ways for new tractor purchases across Thailand. The largest-selling tractors in the 20−40 HP segment are in the power range of 30−40 HP. One of the major drivers for the high sales of these tractors is the prevalence of smaller farmers who hold below 2 hectares of land.
THAILAND TRACTORS MARKET REPORT SCOPE
| Report attribute | Details |
| Market Size (Volume) | 68,781 Units (2028) |
| CAGR | 3.71% (2022-2028) |
| Largest Segment by Horsepower | 20-40 HP segment |
| Largest Segment by Drive Type | 2 Wheel Drive |
| Historic Year | 2019-2020 |
| Base Year | 2021 |
| Forecast Year | 2022-2028 |
| Key Vendors | Kubota, John Deere, CNH Industrial, Escorts Limited, and Mahindra & Mahindra |
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KEY HIGHLIGHTS OFFERED IN THE REPORT:
KEY OFFERINGS:
- Market Size & Forecast by Volume | 2021−2028
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by horsepower and drive type
- Competitive Landscape – 5 key vendors and 13 other vendors
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THAILAND TRACTORS MARKET – SEGMENTATION
- The 20−40 HP segment generated the highest sales in almost all the regions of Thailand. This segment mainly includes semi-professional tractors with the customer base mostly comprising small-scale agriculture farms as well as hobby farmers.
- The 40−60 HP range tractors have a versatile usage in the Thailand market. The labor shortage and reducing agriculture production costs have triggered the demand for tractors in this segment in the Thailand market.
- In Thailand, 2WD tractors to dominant in all six regions such as Northern, Northeastern, Western, Central, Eastern, and Southern Thailand and are expected to maintain the same trend during the forecast period.
Segmentation by Horsepower
- Less Than 20 HP
- 20-40 HP
- 41-60 HP
- 61-100 HP
- Above 100 HP
Segmentation by Drive Type
- 2-Wheel-Drive
- 4-Wheel-Drive
THAILAND TRACTORS MARKET – DYNAMICS
The increasing population growth and food consumption in Thailand are expected to fuel the demand for agriculture and industrial expansion by approximately 30% in the coming years. The agricultural industry has the highest share in the economy of Thailand and contributes 33−35% of the country’s GDP. However, the organic farming is gaining high traction is the Thailand market. Manufacturers are also increasing organic farm equipment in their portfolio. The use of such equipment are the major drievrs increasing the use of tractors for agricultural operations.
According to Finance Minister Arkhom Termpittayapaisith, there is already a system in place to provide financial assistance to farmers. The project's budget for rice farmers alone is $2.6 billion. Initially, the proposal was intended for $0.3 billion to be distributed to farmers in stages. However, the project now needs an additional $2.2 billion which is expected to boost the growth of the Thailand tractors market.
KEY DRIVERS AND TRENDS FUELING MARKET GROWTH:
- Increased Food Consumption and Rapid Population Growth
- Increased Financial Support to Farmers Through Loans and Subsidies
- Socio-Demographic Changes in Thailand
- Expanding Farmland Size
- Increasing Focus Toward Remote Monitoring Technology in Tractors
THAILAND TRACTORS MARKET – COMPETITIVE LANDSCAPE
The leading players in the Thailand agriculture tractor market are increasingly investing in developing advanced agriculture tractor technology for precision farming and machine automation. However, the market for below 50 HP tractors belonged almost entirely to Kubota before 2004 and it is still commanding a very high market share of over 70%. Also, the demand for technologically advanced and high-end HP tractors is high in APAC and North America, the leading players in the Thailand agriculture tractor market are developing low-end HP tractors with the implementation of technology such as GPS. The Thailand tractors market is highly competitive, but at the same time provides many opportunities on account of high end-user variability to the vendors.
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Key Vendors
- Kubota
- John Deere
- CNH Industrial
- Escorts Limited
- Mahindra & Mahindra
Other Prominent Vendors
- New Holland
- Yanmar
- Sonalika International Tractors Limited
- Action Construction Equipments Ltd.
- AGCO
- Iseki Farm Implement Trading Co.
- CLAAS KGAA MBH
- Tractors and Farm Equipment Limited (TAFE)
- Eicher
- IMT
- Massey Ferguson Limited
- Talaythong Factory Co., Ltd.
- Deutz-Fahr
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